RMAi Blog

OCTOBER 21, 2024

On Friday evening, October 18, 2024, ACA International and Independent Recovery Resources Inc. filed suit against New York City for declaratory and injunctive relief from the debt collection rule promulgated by the New York City Department of Consumer and Worker Protection (DCWP) on August 12, 2024. RMAI, the National Creditor’s Bar Association, and several other industry participants have contributed both financially and strategically to the efforts.

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Abrigo

OCTOBER 21, 2024

How financial institutions deal with problem loans Problem loans are a natural outcome of the risks banks and credit unions take when lending, and they should be expected over the long run during the ups and downs of the business cycle. In this guest column, Jason Alpert, Managing Partner of Castlebar Holdings , explains how financial institutions should respond.

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Credit Unions Default Credit and Collections Credit Risk 78

Enterprise Recovery

OCTOBER 21, 2024

Do you tense up every time you run your business's aging report ? Instead of feeling helpless about delinquent accounts, you can stay calm and take proactive steps to manage the situation. By adopting a strategic approach, you can implement practical solutions to increase your success at recovering outstanding payments. Tired of chasing overdue invoices?

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Due

OCTOBER 21, 2024

Truist Bank, based in Charlotte, North Carolina, is set to pay $9M to resolve allegations it breached federal financial policies. According to a Justice Department case, the Civil Division’s Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Georgia settled the case in a collaborative effort. The $9 million sum will resolve the allegations that the bank breached the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA)

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Reorg Blog

OCTOBER 21, 2024

The post Regulatory Coverage: US Regulators Consider Increased Monitoring of Private Credit Industry; Managed Funds Association, Republican SEC Commissioner Say Existing Reporting Suffices appeared first on Reorg.

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OCTOBER 21, 2024

A Jacksonville Beach water park will settle an ongoing case by paying $151,606 in penalties and enhancing child labor standards. The company in question, 1944 Beach Boulevard LLC, operator of Adventure Landing, has also signed a compliance agreement to enhance child labor safeguards and prevent future violations. “Employing children to work excessively can jeopardize their well-being and education,” said Wage and Hour Division District Director Vilma Bell in Orlando, Florida.

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OCTOBER 21, 2024

As reported by WalletHub , credit card debt was $1.30 trillion in August 2024, setting a new record. Despite surpassing the previous peak, it’s still $99 billion shy of the all-time high set in 2007. Although the Federal Reserve recently cut interest rates, credit card rates remain high. These factors combined have led WalletHub to predict a further increase in credit card debt by $100 billion before 2024.

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OCTOBER 21, 2024

If you are investing, staying informed about the latest trends and changes in the market is crucial. One such significant change is the expected reduction in the return on certain investments by 47% over the next year. This article aims to provide an in-depth understanding of this situation and guide navigating this financial landscape. The current state of investments Many investors have money in Money Markets, Treasury bills (T-bills), Certificates of Deposit (CDs), or high-yield savings accou

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